FARM & COMMERCIAL

Dominion, Volume 20, Issue 71, 17 December 1926, Page 14

FARM & COMMERCIAL

NEWS AND NOTES

AUCTION SALES TO-DAY. William's and Kettle's Rooms, Byron Street, Napier, 11 a.m.—Sale of freehold lands (N.Z. L. and M.A.). L-ergusson Street, Feilding, 2 p.m.—Sale of land (11. P. Stevens). H.M. Prison, Erua Main Trunk Line, noon—Sale of sawmill plant and machinery (S. Bishara, Ltd.). Dominion Farmers’ Buildings, 2.30 p.m. —Sale of various freehold properties (Longmore and Co.). I’eilding—Stock sale. Corner Wakefield and Farish Streets, 1.30 p.m.—Sale of corrugated iron, etc. (E. Johnston and Co.). Eva Street, off Dixon Street, 10.30 a.m. —Sale of builder’s surplus plant (E. Johnston and C 0.,. MONDAY. Harcourt’s Rooms, Lambton Quay, 2.30 p.m.—Sale of land (Harcourt and 21 Grey Street, 2.30 p.m.—Sale of freehold propertv Taranaki Street (S. G. Nathan). Abraham and Williams’s Rooms, Shannon, noon—Stock sale. Tokomaru, • p.m.—Clearing sale (N.Z. 1., and M.A.). The Barn Tearooms, 208 a Lambton Quay, 10.30 a.m.—Sale of furniture, plant, ’ and stock (E. Johnston and Co.). FARMING INTERESTS LONDON TALLOW SALES Messrs. Dalgcty and Company Ltd. report having received the following cablegram from their London house under date of December 15: "Tallow. 945 casks offered. 217 casks sold. Prices unchanged except fine sorts, which are Is. lower. The Bank of New Zealand, produce department, has received the following advice from its London office ; nder date December 15:—Tallow continues in poor demand, with prices for mutton qualities Is. per cwt lower. The New Zealand Loan »nd Mercan(lie Agency Co., Lid . have received the following cablegram from their London house dated December 15:—Tallow: Fine mutton. 40s. per cwt.; good l.eef, 40s. per cwt.; mixed, 375. Cd. per cwt.

STOCK SALES The N.Z Loan and Mercantile Agency Co.. Ltd., report that at Levin sale on December 13. they made a clearance of a fair yarding of cattle, and a. good yadring of nigs, at the following prices: --Medium fat cows, £4 12s. 6d. to £5 7s. 6d.. forward condition cows. £2 10s. to £2 17s. 6d.: store cows. 355. to 455.-. veal-,-rs. 345.: yearling heifers. 30s. to 475.; bulls. 212 s. 6d to £5. Light bnconers, £3: hcavv porkers. £2 10s. to £2 155.; light porkers. £2 2s. to £2 75.; good sto--R. 30s. to £2: tromi wearers, to 275. Messrs. Dalgely and Co/. Ltd., report on the Masterton sale us follow: The only entry of sheep comprised an exceptionally good line of ‘-'BO tat and forward wethers, offered rn account of Mr. W. R. Birch, which realised the very satisfactory price of £ls. Oil. Messrs. Dalgefy and Co., Ltd., Masterton. report on the Carterton sale as follows:—A good entry of -attic and pigs and a small yarding of sheep v.ere submitted to the usual attendance <f buyers. Competition was cn a par with recent sales, with prices ruling, as follow: Wenner pigs, 195.-, store pigs, 205., 355., to 385.; fat ewes, 16s. lid.; cull cows and calves, Ji2 55.; store cows, 255.; bull, <£2.

DAIRY CONTROL BOARD MONTHLY MEETING VARIOUS MATTERS CONSIDERED The monthly meeting of the New Zealand Dairy Produce Control Board was field last Wednesday when there were presesent: Messrs:. J. R. Thacker (actingchairman), T. Winks, W. Bryant, J. R. Corrigan. 11. D. Forsyth, W. D. Hunt, T. M. Timpany, W. E. Reynolds, and W. Goodfellow.' According to the report in the New Zealand Dairy Produce Exporter, the board’s official publication. Mr. Timpany’s motion, of which notice had been given, that the board reopen the question of policy and terminate Mr. J. B. 'Wright’s engagement lapsed for want of a seconder. It was decided after discussion to defer indefinitely the question of adopting the Australian system of sale as suggested in a motion moved by Mr. Reynolds and formerly seconded bv Mr. Timpany. F. 0.8. and C.I.F. Sates. A cablegram was received from the Bristol Provision Trade Association as follows: ’We, the Bristol Provision Trade Association, strongly protest against control of butter and cheese, believing it to be injurious to the best interests of New Zealand produce. The present board arrangements create a practical monopoly for the allottees to the exclusion of those importers who have built up tiie trade in open competition on f.o.b. and c.i.f. terms." After discussion involving tile possibility of f.o.b sales on tiie part of the board in conjunction with the general policy of consignment, tile following motion was carried unanimously: ‘That the secretary write the London Agency asking it to consider the cablegram received from the Bristol Trade Association and confer with the merchants as Io whether such c.i.f. or f.o.b. sales of parcels of produce could Ire made through the merchants without detriment to tiie industry, and. if-so. on what basis.” A motion that tiie Acting-Prime Minister be written to pointing out that Mr. Paterson, lie Governmen nominee on tiie London agency, was not supporting Die policy of th eboard, and was making the psition of tiie hoard in London very difficult, was lost on the j-oices, tiie feeling of the board being to await fuller information on Mr. Grounds’s return. The secretary reported that agreement had been reached with ths Southland Dairy Co. to submit to the Supreme Court, under an originating summons, the question of determining - the right °f Giat company’s contention to bring under its own exemptive powers, as claimed, the produce manufactured in other company’s plants under an agreement entered into since the taking of control to manufacture produce on behalf of the Southland Dairy Co. This company has an agreement with Messrs. J. B. McEwan and Co., Ltd., under which its conduce is claimed to be free of control, while certain shareholding conditions continue. On- control being introduced, arrangements were made with certain other companies to manufacture, produce on its behalf, and application made to the board to release the-e quantities from, control. This was refused, and the action stated is to determine the issue. It was resolved that representations be made to the Acting Prime Minister and the Minister of Agriculture as to the Dairy Board having representation on the Scientific Research Committee inquiring into dairy problems. A deputation from the Tariff Asso ; ciation waited on the board in an endeavour to enlist its support in resistin'! tariff increases. Prevention of increased tariffs, eaid Mr. Forsvth in this connection, would be of undoubted benefit to, the farmer and the commercial community and they should give whole-hearted moral support Io the movement. It was resolved that if the board s constitution permitted the board should sign the memorandum of the association, and "ive all support within its comnnss. nn<l that the board should lie represented by its chief executive officer. It was decided that D-e ‘ nrodneers of tho board in Ton non srcnin lie asked to leave on return to New Zealand not later than the first week in Mm- next. „,,,i„ The nexl- moetin" of The board was fixed for Jantmrv 19. immediately after the return of Mr. Grounds.

NEW ZEALAND BUTTER DUTY ON IMPORTS INTO AUSTRALIA PRODUCERS ASK FOR INCREASE Sydney, December 16. The quarterly meeting of the executive of the Primary Producers (juion carried a motion expressing tiie opinion that it was imperative that the duty on New Zealand butter should be increased to Gd. a pound and the duty on cheese to 6d. a pound also, with a corresponding increase in tlio general tariff; and, further, that under the general tariff the duty be increased to 6d. at least on process cheese. It was also resolved that in the event of the Federal Government not acceding to the impost of a duty of 6d. a pound on New Zealand butter, the union circularise all kindred c rgauisations in other States, impressing upon them the advisability of making this a leading question to candidates at the next Federal elections.

DISEASE AMONG PIGS INSPECTION AT SALES DESIRED Dominion special. Palmerston North, December IG. ■'There is no doubt that at the present time a lot of disease among pigs is earned from the saleyard, to animals on the farm,” said Mr. W. P. Bickers, of Ft-ilding, at to-day's meeting of the Wellington provincial executive of the Dairy Farmers’ Union. ‘‘This is a matter of great importance to dairy farmers purchasing pigs at a public saleyard. The loss to a person purchasing pigs as stores at a big price means a loss not only to the individual but also to the industry.” The speaker said that if an inspector were detailed to go around the saleyards before the start of the sale, the measure would to a great extent deter vendors from putting in pigs that they knew were suffering from some form of disease likely to spread. Mr. P. J. Small said that (he trouble throughout the country was that farmers failed to pay proper attention to either the housing or the hygiene of their pigs. It was decided, on the motion of Mr. Small, seconded by Mr -I. McFarlane, that the union make endeavours to. have inspections carried out. before sales by inspectors empowered to do so. nnd tb.il attention be drawn to the fact that Ihe schedule of diseases contained in the Stock Ac.t was ouite iuadeauate,

SALE OF DAIRY PRODUCE AUSTRALIAN IMPORTATIONS AN INTERESTING SITUATION An interesting situation has developed in relation to Australia, states the ‘‘New Zealand Dairy Produce Exporter.” Drought is being experienced in Queensland and New South Wales, but normal production obtains in Victoria. Sydney merchants, to cover their forward needs, have been buying in New Zealand, the first sales having been effected at Is. 3d. and the latter, as the London market firmed, at Is. 4Jd., and even Is. sd. The fact that Sydney has preferred to buy from New Zealand instead of from Victoria, which still las surplus butter, is due to the famous Patterson scheme. Under this all I utter froduced in the Commonwealth pays lid. into a common fund, and ;'ll butter exported draws from that fund a bonus of 3d. This has the effect rf raising prices on the local consumer 3d. a lb., so that he is, in fact, paying an export bounty to the dairy industry. The justification for this is that all Australian industries are protected, thus raising costs to farmers, and the farmer in turn wants his high prices. On account of this scheme it is cheaper for Sydney, when she requires butter, to buy from us than from Victoria. The same position obtained a few months ago on the first introduction cf the scheme, and created a great stir <-inongst produce bodies, particularly ’■ hen it was revealed that several merchant members of the Australian Dairy Board of Control had been buyers of New Zealand butter. As far as New Zealand is ■ oneerned, our produce is generally effectively banned by a duty of. 2d. a lb., and also by the old-fashioned requirement that butter shall test 82 per cent, butterfat, compared with the usual world standard of 80 per cent. The New Zealand Dairy Board does rot "control’ sales to Australia and the East, hence factories have been free to deal -as they wished

Melbourne messages state that a deputation of producer interests waited upon the Ministers concerned to ask that immediate action be taken against the large imports of butter from New Zealand. They urged that the duties should be increased to meet the position. The reply was that before any additional tariff could be considered the matter would have to go before the 'Tariff Board. Then, even if Parliament agreed to an alteration in the duty, under the terms of the treaty with New Zealand six months’ notice would have to be given to the New Zealand Government of the suggested alteration. Mr. Paterson promised to get into touch with the Dairy Produce Export Control Board and see if anything could be done to alleviate the position. The position was discussed by the board in response to Australian representations, but as the hoard lad not taken control of exports to Australia no action could be taken. DAIRY PRODUCE MARKET The New Zealand Loan and Mercantile Agency Co., Ltd., have leceived the following advice from London (last week’s quotations in parentheses):—Butter: New Zealand, stored 2s. lower (164 s to 168 s.); controlled reduced to ?70s. to 1725. per cwt. (1745. to 1765.). Market steady. Cheese: Market (low, quotations unchanged (955. to 965.),

COMMERCIAL ITEMS WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES At the afternoon call yesterday, sales were reported of Bank of New Zealand rtglils at 6s. lUd., Wilson’s Cement at 335. (id., and Kiiwarau Mining at 3s. 3d. i lie demand tor slocks and shares showed a slacking tendency, but the bids recorded were at full market rates. For tiie 5 per cent, bonds there were offers of <£99, and for the 5J per cents. <£lOL N.Z. Breweries 10 per cent, bonds were steady at 21s. 3d. Bank shares were in good demand and firm with buyers of English, Scottish and Australian at .£8 35., National Bank of New Zealand at <£7 Is. cum dividend, Bank of New South Wales at <£4s, Bank of New Zealand rights at 6s. 7d., and Union Bank at <£ls 4s. 9d., a rise of 3d. Sellers quoted 595. 3d. for Bank of New Zealand shares and <£27 for Commercial Bank of Sydney. There were buyers of Metropolitan Building shares at .£l3, Wellington Trust and Loan at .£6 10s., and Wellington Investment at 10s. 6d. Gas shares were steady. There was a bid of 265. for Wellington Gas shares. National Insurance shares were wanted at 725. 6d., N.Z. Rrefrigerating 10s. paid at 6s. Gd., and Huddart Parker ordinary at 465. Brewery shares were firm and unchanged. There were bids of 19s. for Manning and Co., 525. Gd. for New Zealand Breweries, and 375. 9d. for Staples and Co. In the miscellaneous section there were buyers of C. M. Banks ordinary at 225. 6d. cum dividend, Burns, Philp and Co. at 395. 3d., Electrolytic Zinc, ordinary at 365., preference at 375., National Electric at 18s., N.Z. Milk Products at 215., . and Wilson’s Cement at 335. 3d. Yesterday’s buying and selling quotations were as under:

SALES IN OTHER CENTRES By Telegbaph.—Pkbas association Auckland, December 16. Sales: Commercial Bank of Australia, 325.; National Bank of New Zealand, A;7 Is. 6d.; Bank of New Zealand, 595. 3d.; Bank of New Zealand, rights, 6s. 9d.; Union Bank of Australia, £l5 ss. Gd.; Standard Insurance, 575. 6d.; Auckland Gas, 235. lid.; Moanataiari (con.), •Is. 7d., 4s. Bd., 4s. Bd., 4s. 9d.; Kawarau, 3s. 3d. Dunedin, December 16. Sales: Kawarau, 3s. 2d.; South British Insurance, sbs.

TARANAKI OILFIELDS, LTD. The Taranaki Oil Fields report for the week ended December 11 is as follows:—Waiapu No. 2 well: All equipment on sit except boiler and few tous of casing. Derrick and casing racks completed; now installing wheels. All work progressing satisfactorily. Taranaki No. 3 well: Bridge repairs on Okoke Road making good progress.

COMPANIES REGISTERED The "Mercantile Gazette" publishes the registration of the following new companies: T. 11. Lovegrove and Co., Ltd. Regd. as a private company, December 7, 1926. Offices: No. 104 Ridgway Street, Wangannui. Capital : .£5OOO, into 5000 shares of £1 each. Subscribers: Wanganui— T. H. Lovegrove 4000, H. 11. Smith 400, C. Cheyne 300, J. Gibson 300. Objects: To acquire and take over as a going concern the business of stevedores now carried on by T. H. Lovegrove at Wanganui, together with the assets and liabilities of the proprietor of that company and general incidental. CommoditiedSLtd. Regd. December 8, 1926. Office: No. G2 Victoria Agemie, Wanganui. Capital: <£3ooo, into 3000 shares of <£l each. Subscribers: Aramoho —C. G. Benbrook; Gonville—W. F. Bailey, AV. Reid; Castlecliff —M. D. Evetts; Wanganui—J. Emmett, F. Beard, T. J. Dickie, each 25 shares. Objects: To purchase and sell to its members or io firms and companies which they repiesent or otherwise, to procure for such members, firms, or companies goods and chattels required by them in their business, and general incidental. Manawatu Loan and Discount Co. Ltd. Regd. as a private company December 14, 1926. Office at C. Smith’s Buildings, J’almei'ston North. Capital: <£2ooo. into 2000 shares of ,£1 each. Subscribers: Palmerston North—Lucy W. Cronin and C. F. Cronin, 1000 shares each. Objects: To carry on at Palmerston North and elsewhere in New Zealand the business of a moneylender and general incidental.

Betts Motors Ltd. Regd. as a private company December 7, 1926. Capital: .£3OOO, into 3000 shares of <£l each. Subscribers : Westport—C. D. Betts 1245, R. H. Betts 1245, P. C. Betts 500. C. Hodgson 10. Objects: Deal in motor vehicles and incidental.

GORDON AND GOTCH, LTD. Operations of Gordon and Gotch (Australasia) Ltd., for the half-year ended September 30, are stated by the directors to have been successful, with the business well maintained. Net profit for the half year was i 47,942, against <£47,840 for the corresponding period of 1925. De- • ducting provision for income-tax, .£8717, | and adding J 2918 brought forward, the sum available is <£40,114. Dividend on | both ordinary and preference shares is at the rate of 8 per cent., and <£IS,(ICO is transferred to tiie general reserve, against .£19,000 in. the March term and £ll.OOO a year ago. The balance-sheet

discloses that sundry creditors are less by A 14.846 than in 1925, and the bank overdraft is down by £24,856, although for the half-year it has increased by <£66,470. Stocks have been reduced by £16,234 since 1925. Sundry debtors are up some £34,000 for the year, and £52,000 for the six months. The paid-up capital is now £600.000, reserves total £154,601, mortgage .£69,575, sundry creditors <£142,406, anil bank overdraft £116,622, against £141,478 a year ago and £188,257 two years ago. The assets include freeholds £174,902, leaseholds and plant £70,440, stocks £334.670, sundry debtors £404,442. against £370,399 a year ago and goodwill remains at £118,074. N.Z. LOAN AND MERCANTILE ISSUE. (Rec. December 16, 7.40 p.m.) London, December 16. The New Zealand Loan and Mercantile Agency Co.’s issue has. been oversubscribed. AUSTRALIAN PRODUCE MARKETS. IRec. December 16, 8.45 p.ni.) Sydney, December 16. IVheat is quoted at 4s. 9d. per bushel at country stations, equal to 5a 44d. ex truck in Sydney, ’but'little businese is doing. Flour; Local, £l3 10s. per ton. Oats: Tasmanian Algerian. 3s. lOd. to 4s. per bushel; white, 4s. ■ 3d. to 4s. sd. Maize: South African. Bs. per bushel. Potatoes: Tasmanian, £25 per ton; West Australian, £24 : local, £2O. Onions: Victorian, £l2 per ton; local, £ll. Adelaide, December 16. Wheat.—Growers' tots, December, ss. 2Jd. to ss. 4d. per bushel; January, ss. 2Jd. Parcels, sellers, ss. «d. Flour: Bakers' lots. £l4 to £l5 prtr ton. Oats: 2s. 4d. to 2s. 6d. per bushel.

DAIRY CONTROL GOOD SEASON ANTICL. ( PATED BOARD FUNCTIONING WELL The acting-chairman of the New Zealand Dairy Produce Control Board, in wishing members, staff and producers throughout the Dominion the compliments of the season, stated at Wednesday’s meeting of the board _as reported in the "New Zealand Dairy Produce Exporter”), that he was impressed with tne importance of the industry as a w nole of the scheme they were working on. ine routine work of the board was going through very satisfactorily, and the eetimates quoted by Mr. Brash showed that notwithstanding criticism in different quarters they were working the scheme in a very economical and satisfactory manner. All financial payments were going through to time and without complaint. The season promised well and they should have a favourable year. All the members of the board were there at some personal cost and loss to themselves and their own businesses, working for the good <f the industry as a whole. They stood to get nothing out of it themselves. The powers that had been given the industry by Parliament were very great, and constituted, in his opinion, the charter of a birthright wnich should bo most jealously guarded. All kinds of schemes and traps had been tried to deprive farmers of this very valuable concession, but he hoped farmers would have enough backbone and sense to stand behind the industry and. the board and back up what they had teen fighting for for years. In his opinion, if the present position were lost it would be a generation before they would again secure the opportunity cf dealing with their own produce in the manner they now were able to do. Commercial men should give the farmers credit for trying to handle their own i usiness—a business which brought a tremendous amount of money into the country. If tie country was not prosperous the city folk soon knew it, and the t card’s object was to better the conditions and returns of the whole industry, which would be to the advantage cf the city as well as the country. He trusted the board’s scheme could be <arried out fully on the lines thev had in mind.

Buyer Sellers. N.Z. GOVT. LOANS- - £ s. d. £ s. d. 44 p.. Ins. Stk., 1938 —— 97 0 0 5} p.c. ditto, 1933 .... 100 15 0 101 5 0 51 p.c. ditto, 1927/1941 98 5 0 —. 5J p.c. ditto, 1936 .... 100 15 0 —— 4* p.c. Bonds, 1938 .. — 97 2 6 51 p.c. ditto, 1933 .... 101 0 0 — 5 p.c. P.O. Ins. Sfk., 1927 . 99 5 o 5 p.c. P.O. Bonds, 1927 99 0 0 DEBENTURES— N.Z. Breweries (bonds) 1 4 3 Makerua Drainage .. 101 0 0 BANKS— Commercial of Sydney — 27 0 0 English. Scottish, and 8 3 0 National of N.Z. (cum.) 7 1 0 — New South Wales .. * 15 0 0 ——. 2 19 3 Ditto (rights) 0 6 7 Union of Australia .. 1 4 1) FINANCIAL— Abraham and Williams - - 4 2 0 Metropolitan Permanent Building ' 13 0 0 — Wellington Investment 0 10 (j Well. Trust. Loan .. 6 10 0 Wellington Deposit .. — 0 10 4 Wright, Stephenson (ord.) ___ 1 4 G Ditto (pref.) — 0 17 6 GAS— ■—. 1 5 6 Wellington (ord.) ... 1 6 0 INSURANCE— 3 12 6 3 15 0 MEAT PRESERVING— N.Z. P.efrigeratlng (10s.) 0 6 6 —— TRANSPORT— Huddart-Parker (ord.) 2 6 0 P. and O. def. stock - 250 0 0 TIMBER— Leyland-O'Brien .... — 2 2 6 BREWERIES— Manning a:.d Co 0 19 0 1 0 6 New Zealand 2 12 6 — Staples and Co 1 17 9 —— MISCELLANEOUS— C. M. Banks (ord.) .. 1 2 6 — Burns. Philp, and Co. 1 19 3 ——• Electrolytic Zinc (ord.) 1 16 0 1 16 9 Ditto (pref.) 1 17 0 1 18 0 Howard Smith ——— 1 12 6 National Electric (cum.) 0 18 0 0 19 0

N.Z. Milk Products 4 (bonds) 110 1 2 Sliarland and Co. (ord. and prof.) — 1 *> 6 Wairarapa Farmers’ i pref.) — o 16 o Wilson’s Cement .... 1 13 3 MINING— Kawarau — 0 3 3